Have you stopped making bets?

by Evan Davies, Chief Executive - QLD | |   Growing Your Business
Have you stopped making bets?

Unlike a gambler in a casino, in order to stay relevant and alive, businesses cannot afford to stop making bets. Does your enterprise continually explore new ideas?

Businesses have always come and gone. However, it seems that companies can fall from market dominance to bankruptcy across a very short timeline. Large players like Eastman Kodak, Blockbuster and HMV to name a few, were victims of rapid market disruption.

Where did these once iconic businesses go wrong? Did they forget to keep challenging their assumptions about what business they were actually in? Did they put all their eggs in one basket and took the risk of losing everything? Did they make many small innovation bets while accepting that some will fail while others succeed? Did they stop innovating when there were some successes?

The effect of consumers flowing to digital technologies on smartphones and tablets to get what they want, when they want, is rattling big business. Start-ups are focusing on unbundling targeted business services at discounted rates to meet customer demands.

Certainly business models are transient and prone to disruption by changes in markets and the external competitive environment, design advances, technology, plus wider social and economic change. Organisations that misjudge their purpose, or cannot sense the situation and adapt to these changes, can only perish.
What can be done to battle business disruption?

  1. Ensure a full understanding of your customers' needs

    Engage them, stay close, ask questions and conduct surveys. Regularly analyse client patterns and trends. Dissect the sales process. What are the touch points in the cycle and consider positive points of difference you have over the competition? - competitive advantage.

  2. Strategise on how you can establish old style loyalty

    Understand the competition - both bricks and mortar as well as online. Are other products potentially appealing because of their substitutability? Maybe customers want your offering unbundled.

  3. Make sure your business strategy is nimble and capable of rapid change

    Your strategy should take into account customers' wants and needs, industry trends, technology, and competition.

  4. Continue to explore new ideas

    Aggressively support a culture of experimentation. Avoid mega investments on innovation; pursue small innovation projects to ramp up success and limit loss. Ensure that funds are available for innovative activities. Once an initiative is proven to demonstrate value, embrace the learnings before further investment. Continuously evaluate the performance of your initiatives and adjust the direction based on frequent customer feedback.

Does your organisation continuously seek new perspectives and innovation?

The CEO Institute was founded in 1992. It is now Australia's leading membership organisation for CEOs and senior executives. It provides a forum for over 1,000 Chief Executive members to connect and share their learning with each other. In 2011, The CEO Institute became the world’s first global certification body for CEOs, and in 2013, partnered with UNESCO in support of the "Malala Fund for Girls' Right to Education". In 2014, they began offering their programs globally.
The CEO Syndicate is an exclusive peer support network for CEOs. The first meeting of The CEO Syndicate program was held in Melbourne in June 1992. Offices were opened in Adelaide in 1996 and Sydney and Brisbane in 1997, with Perth launching in 2007. In 2015, the New Zealand office opened.
The Future CEO program is a certification course designed by the business leaders of today for the business leaders of tomorrow. The first Future CEO meeting was held in Melbourne in May 2012. In 2014, the "Future CEO Scholarship Fund for Women" was established, and continues to be offered today.

Membership of The CEO Institute is by invitation only. To register your interest click enquire.

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